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to see everybody. thanks for joining us. carol, what are you expecting in 2013 under president obama's policies? >> i'm not expecting anything very good, maria. i think that we're going to end up with some sort of a slow down. i think whatever the compromise that ends up being made under this grand bargain, it's going to be something that ends up hurting unemployment. that being said, i think there's always a tale of two markets. from a broader market standpoint, i expect the market to be hurting. there's always opportunities to be had. >> steve, you have some breaking news earlier. you reported on janet yellen. tell us what that says about where we're headed in terms of economic growth in 2013. >> well, i think it tells us the fed is going to remain as loose as it possibly can through '13, '14, '15, and now even '16. janet yellen saying an optimal policy path, one that stays as close to 2% on inflation and tries to get the unemployment rate down to 6% could mean the fed remains easy through early 2016. by the way, they're thinking of scrapping all of that calendar date guidance thro
a shortened week. let's bring in our guests for their take on what went on. with us now, chip dixon, jeff cox, and rick santelli. nice to have you on the program. thanks for joining us. chip, let me begin with you. haven't see you in a little bit. we used to talk long ago when you were at a different firm. welcome back to cnbc. >> thank you. >> you are the director of research discern. what is your research telling you here about where we are in this market and in this cycle for the economy? >> well, it tell us that the housing sector is improving and the residential side. commercial permit activity, which we see, has gone up, it's kind of plateauing. it tells us we're dealing with a lot of uncertainty out there. there's a tremendous amount of pent-up capacity in corporate america if we can just get the right fiscal policies in place. this economy could do well. >> do you think things loosen up after the election when we know who the president will be? >> i think it depends. then we're going to have more clarity on the policies. what we want in place are constructive growth oriented fiscal po
to be closing up more than 200 points. margie from wells fargo funds management joins us, so does michael from destination wealth management and joe greco will be with us in a few moments here. rick santelli is staying late as well with this rally here. >> ready to go, joe? >> yes. >> what do you make of the rally? >> i guess when republicans want to peek past what is involved besides a tax increase, that signals a compromise. so, the markets say, hey, maybe they'll work things out in washington. the unfortunate thing is this lift today will be met with more selling as we get closer to the holiday and the long weekend. >> this is not a new phase here -- >> you can look at volume, behavior of the trading and it looks like we'll have a little more of a lift. we've broken through a level that held nicely. started to lift onto the tail end of the day. i think if we can get a little closer to the tail end, but toward the end of the year, we'll test higher. >> do you believe this is a rise above rally? do you believe it won't hold? >> it's going to be very choppy. what bill mentioned about the 200-m
" gets under way right now. >>> welcome to "closing bell." bill griffeth rejoins us in a moment. no follow-through rally. stocks closing in the red on fiscal cliff fears. dow jones lower by 43 points, 12,966. nasdaq finishes higher by nearly 10, 2,976. and the s&p down almost 3%, 1406. >> the deadline for the fiscal cliff is nearly one month away. if we go over that cliff, russ says some investors are not prepared for that decline. >> he joins us now a long with michael, cnbc contributor for destination wealth management and mary thompson joins us as well. russ, you're saying it's not priced in at this point. what should we be worried about? >> it's not priced in. it's very hard to find much evidence, either from investors or the sell side that people really expect to go over the fiscal cliff. i think what that means is if we get into the end of the year and looks like negotiations are not going forward, we may not solve this before 2013, we're likely to see rise in volatility, likely to see selling. >> how bad could it be? >> if you look at what might happened, in other words,
because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
wood, rick santelli, and michael jones. guys, good to see you. thanks so much for joining us. steven, what's your take on the markets right now and this storm? how does it impact the economy and the markets from here? >> i think it's modestly constructive. i think we're still in the middle of the square root shaped economic recovery we've been in for over three years now. a grinding upward trend within the data. i think you saw some of the positive news. i think the chinese numbers were a little stronger than many had figured. so the global economy may not be decelerating as quickly as many had feared, but certainly earnings are going to trump a lot of investors coming into the season. i think coming into the fourth quarter, earnings are going to be critical but revenue is going to be extremely critical in an economic environment that's grindsi grinding upward. >> kevin, what about you? i know you're growing increasingly pessimistic about the impact of the fiscal cliff. what else is becoming a drag in terms of uncertainty on in economy and the market? >> i think right now markets are
that the election is behind us, we now focus on the fate of the fiscal cliff. mike gibbs of raymond james says we get a compromise and this is the time to buy into weakness. nathan backrack of the financial network group is not as convinced. they are here along with david cass of matrixes a s es s ass and meg. gentlemen, lady, good to have you on the program. thank you so much. nathan, i kick it off with you. if we are heavy in stocks and depending on congress, you better buckle up. tell us why. >> well, because we're going to be all over the place right now. when i hear speaker boehner, who's just about 20 miles north of me, start to say all the things that are going to happen, it reminds me of my first sales manager who says, great, i'll wait to see it before i'm going believe it. right now, wall street has given a very clear message to president obama, which s oh, you think you know business, watch this. so now you're going to learn and you're going to learn real fast. a correspondence course is not going to help. we're going to be all over the place. my sense is until we get through with gr
down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expecting recession in 2013, if, in fact, this occurs. >> think about what works well in a slow-growth economy. consumer products companies do well. high dividend payers. you'll see 100 companies that have already declared dividends this month. those are the strongest companies in the market. those are the ones that can afford to buy back shares or invest in high r.o.e. projects next year. i wouldn't avoid them just thinking dividend taxes are going up. they're the strongest in the market. you also have energy infrastructure, which is paying about 6%. most of it is a return of principle. these are companies with some of the lowest cost of capital ever. high return projects, long-term contracts. the government is in su
up, middle east escalating in violence. it really feels like a lot of things getting us down. scott was just pulling out some of the things that are positive, like valuations being reasonable. there's plenty of easy money. if there's good news, we have to try and find it. let's hope earnings provide good news going forward. >> well, we could try to find it, but is that going to dictate the market? >> yeah, well, that's a really good question. i think obviously a lot of companies are struggling right now, especially if the company is also struggling. i think there's so much to con tepid with out there. maybe that's a question for some of the other guests as to whether or not we're going get decent earnings going and whether or not that lifts the market out of its slump. >> do you think we see a rebound in earn in the fourth quarter? what are you expecting in terms of that fundamental driver of the markets? that is corporate profits and revenue. >> the last three years you've really seen summer swoons. slow down in economic growth. you have housing bottoming and starting to move up. t
your money is? welcome to the "closing bell." bill griffeth rejoins us in a moment. here's how we're shaping up at end of the day. the dow jones industrial falling by 88 points. pretty much the lows of the session. 12,879, matching what we saw when harry reid began making comments about an hour and a half ago. the nasdaq lower by nearly nine points. the s&p lower by seven points. 1399, just below the 1400 level. why the late-day selloff? most on the street blaming these words out of washington about fiscal cliff. >> there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. >> as we head into the fiscal cliff negotiations, my advice to the president would be seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. >> behind closed doors. even with the fiscal cliff looming over the marke
management, and our own rick santelli. gentlemen, nice to have you on the program. thanks for joining us. >> thank you. >> how do you navigate this, peter anderson? you have a market that keeps losing steam. you have uncertainty knowing we're not going to know tax rates. certainly until we get information on the fiscal cliff. we're waiting on that. once again, we find ourselves in a holding period. what do you do? >> well, you know, i think that quality is just totally masked right now by volatility. as we get closer to january, it's a beautiful thing. what we will start seeing is convergence of some of the facts in terms of what the solutions will -- the proposed solutions will be, maria. right now i think everybody's just in a holding period. but that -- it takes a lot of courage to do this, but we're telling our clients to stay fully invested at this point because we think this is just a short-term volatility. i know it's very, very difficult emotionally to navigate right during this week. i think come january we will get a clearer picture. >> well, we better, right? otherwise we go o
is joining me. we also have john buckingham of al frank asset management. thanks, everybody, for joining us. first, michelle, let me get your news, the latest on the attack out of israel on hamas. this, of course, another major news story today that we're following and the reason oil prices have spiked. >> the latest is the israelis have said there's going to be a lot more of what you've already seen. let's show you what's already happened. this video is incredible. it's released by the israeli defense forces. follow that car. what you'll see is not a car bomb. it is a targeted attack by the israeli air force. inside the military leader of hamas was directly targeted. this is operation pillar of defense. it was announced today on twitter by the israeli defense force. take a look at what the spokesperson posted on twitter. he said, we recommend no hamas operatives, whether low level or senior leaders show their face above ground in the days ahead. one of the reasons why oil spiked earlier. the israelis say this is in response to hundreds of rocket attacks coming into gaza over the last sever
if we get the huge grand bargain or not. they just don't want us going off the cliff. i think the fix is in definitely that we are not going to go over the cliff. >> all right. let's talk a bit more about that. brian, what's your take on this? >> you know, i have to agree. i think they work it out. i go back to a statement that boone pickens had on your show last week. it's really apropos. let the monkey do his thing. if you just wait, you'll get a better show. i think that's what's going to wind up happening with the market. right now we see a great opportunity going forward. >> rick santelli, what did you see today? this market finishing well off the lows. in fact, as we're settling out, it looks like we're finishing out just down seven points. had been 94. >> i agree with you. to me it makes perfect sense. i don't think there's any new information in what ben bernanke said. if you say things that imply a weak economy, the market will sell off every time you say it. the market did come back. i question both the guests' opinions. i think the fiscal cliff is important because a lot of
. the dow is up by 44 points. the nasdaq up by 16. the s&p 500 joining us there gaining 0.5% or about six points. >> yes, i ran fast, mandy. earlier today, john boehner, the speaker of the house, spoke. the markets spiked. as you hear this sound bite, we're going to show you the dow intraday, what it did, and where you see the spike. it's a spike of more than 100 points. that's when speaker boehner spoke. listen to this. >> i believe that we can do this and avert the fiscal cliff that's right in front of us today. >> is this really what led to today's midday turn around, or was it something else? let's talk about that. quincy crosby joins us. mark spellman and kevin carone. quincy, is it that simple? they came out, they used the word constructive, framework, corner stone, all those positive words, and the market took off. >> absolutely. i was watching the body language when they finished up. they walked together. they didn't separate. the market kept making gains. it was that immediate. >> mark, do you agree? >> yeah, i think it was important. we've been looking for good news. the fact th
.5%. and the nasdaq, the outperformer there, up by 2%, on average. >> joining us with their thoughts, quinn, we just kept getting stronger as we went into the close today but you're still skeptical. you'd be selling into this rally. wouldn't you? >> absolutely. i think this is an opportunity to take it off the table. i said last week with maria that you don't panic sell. just as we didn't do and then we've got the rally. now is an opportunity to take the step back. we don't know what's going to happen between now and the end of the year. as i said earlier an hour ago, you are betting on congress. if you're optimistic they're going to find a solution and we'll be off to the races, fine. i'm not. i'm a seller into this rally. you'll get better prices into the new year. >> i would also like to mention as the markets have settled up, we did actually close above 13,000 again, folks. that is a gain of 172 points. michael, let me ask you, are you a seller into this rally as well? >> no, i am not. i actually feel the market will tread water for the rest of the year. really, we only have four, or five weeks
hands? let's get to our panel, david dahl, mark travis, and robert zagunis will join us in a moment. good to have you on the program. david, let me begin with you. how are you invested right now amidst all of these issues pertaining to the fiscal cliff, higher tax rates in 2013, et cetera? >> always good to be back with you. we've been defensive. we've looked for opportunities to take gains over the course of the year. thankfully we've been very u.s.-centric in our investments over the course of 2011-2012. what we're preparing for now is looking again at the foreign markets in 2013. >> foreign markets meaning you want to be allocating money outside of the u.s. because of these issues in the u.s.? >> well, taking a look at some of the large global players here in the u.s. and outside, because as tax rates go up here in the united states, what we're about to see is probably the laugher curve in reverse. tax rates going up, revenues declining, creating a headwind for gdp. we're look at companies in the world for looking for global growth opportunity outside our borders. >> mark, let me
-cabrera. >>> welcome to "the closing bell." i'm michelle caruso-cabrera. scott will join us in a second. maria is back tomorrow. a reversal of fortune on wall street as stocks trade on fiscal cliff comments from president obama and john boehner. here's how we finished the day on wall street, near the highs. up 105 points. 12,983. we'll have technicians looking at this day, seeing if it's a key reversal. the s&p also in positive territory. market driven by headlines and bluster out of washington. yep, that's what investors should expect short term. maybe until january 1st. should they also expect a rally any time soon? according to ryan dieterich, rally could most definitely be headed our way. >> he joins us now to explain along with peter anderson from congress asset management company. bill mcvail from turner investment partners and our very own rick santelli. peter, i have to begin with you. with a name like congress asset management, is congress going to come through for your assets? >> well, i wish i had an inside scoop on that, but unfortunately, we're also left to speculate at this point. but i
us. rick, i'm going to kick this off with you. what are traders saying ahead of tomorrow's election? >> they certainly expect a lot more movement in markets tomorrow and the following day. today was a go nowhere range day. even in the stocks they move into positive territory. dollar index has been firmly but lightly in positive territory with little turnover. same with the euro. many traders are saying, you know, it was momentum that propelled the giants in baseball. so, they're putting a lot of stock in momentum, which may be a positive for the challenger in the form of mitt romney but everybody has their own unique foibles how they want to proceed on the trading side. traders aren't giving me anything solid as a glimpse into who wins but they seem optimistic they think the fiscal cliff will be dealt with, but it won't be dealt with until next year and dealt with retrospectively. >> i would agree, that's what people are saying now. chris, regardless, you're saying you're staying neutral before the election. what does that mean? where are you putting your money right now? >> i think
for joining us, everybody. why do you think that? >> well, as many of your guests have told you today, it's removing that uncertainty. i think this market doesn't care who wins. they'll finally put it to rest. they'll finally know who they're dealing with. it's better the devil you know than the devil you don't. >> gary, you're really focused on that fiscal cliff. are they going to be able to work this out? tell us how you envision this taking place after the election. >> we think this is the critical problem the country faces after the election. we see several scenarios. one is just kick the can down the road. we don't think that's the most likely scenario. the other is going over the fiscal cliff. we don't think that's the most likely scenario. we think there will be some compromise which will create some fiscal drag for the economy. >> if they've not been able to come to a compromise on this yet -- and by the way, this all happened one year ago. everybody who was in place today, that includes the president and congress, this happened on their watch. so you would think that they would s
-on cnbc interview. good to have you on the program. thanks for joining us. >> sure, maria. >> well, tell us, what happened first yesterday at final mediation talks? was a deal ever close? >> you know, the judge has a gag order. he'll have my head if i talk about what went on during the mediation, but i think that he wanted to make sure that he did everything in his power to try to find a deal, if there was one to be found. you know, i appreciate the fact that he went through that effort. i was hopeful, but i think realistically that was going to be a tough thing to pull off. >> how much of an implication it was the fact the union leader did not show up to those mediation talks? >> well, the leader of the bakers union sent his second in command to the meeting. i think that part of what we needed to sort of focus on is the hole that's been created by the strike and the financial damage from that strike and our inability to produce at some of our critical plants. really just created a brand new hole that was too large to fill. bankrupt companies don't have a lot of margin for error to begin
with a look at the day. michael santoli and rick santelli joining us. rick, tell me what the act was like today in chicago as the market for equities was all over the map. >> it was, but all the traders normally behind me are gone. futures closed an hour ago. on the left screen they had a one-minute chart of the s&p futures. on the other screen, a one-minute chart of the ten-year. it was all about the stock market today. just consider this, right before we knew the president was re-elected, the yield on a ten-year note was 175. here we sit at 161. unchanged from yesterday. still it down ten basis points from its last friday close at 171. pretty pitmuch most of the lowe yooel yields are based on uneasiness. fiscal cliff, raising taxes in a slow economy. all of it is coming home to roost. >> mike, we had the president come out saying that he will veto any legislation that allows the tax cuts to be extended for the highest earners. is that what poured water on the rally? >> it didn't hurt. obviously, there was no breakthrough. i think the one thing to take away from today's action was the fe
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